财通基金金梓才：流动性改善叠加AI加速兑现 A股市场环境将更加友好

Group 1 - The core viewpoint is that the A-share market is expected to enter a development phase characterized by improved overall conditions and deepening structural features by 2026, driven by enhanced global liquidity and the acceleration of trends represented by AI [1][2] - The macroeconomic environment is anticipated to improve, with both global and domestic liquidity conditions providing a solid foundation for the market. The Federal Reserve is expected to accelerate interest rate cuts in 2026, reducing external constraints on the A-share market, while domestic monetary policy will continue to support high-quality economic development and industrial upgrades [1] - The AI industry is projected to transition from rapid penetration in 2025 to a phase of further performance realization and deep impact in 2026, with indications that growth momentum will not only sustain but may accelerate, leading to profound changes in corporate productivity and business models [1] Group 2 - The A-share market in 2026 is likely to exhibit significant structural characteristics driven by leading companies and fundamentals. This will manifest in three aspects: a highly structured market favoring a few technology growth leaders with real and sustainable performance, deep barriers to entry for leading companies, and a focus on fundamental-driven investment logic [2] - Leading companies are expected to achieve high certainty growth due to their critical roles in the global AI supply chain, leveraging technological barriers and customer loyalty [2] - The investment strategy for 2026 will hinge on accurately identifying and focusing on high-quality leading companies with stable industry positions, strong growth sustainability, and reasonable valuations, capitalizing on core opportunities within the structural market [2]